Alphabet Inc’s Google has paid Rs 33,737 crore for a 7.73 percent stake in Reliance Industries’ (RIL) digital subsidiary, Jio Platforms, joining the list of global investors such as Facebook. The transaction also marks the US technology giant’s biggest-ever investment in an Indian company.
With this, Jio Platforms has raised a total of Rs 1.52 lakh crore by selling nearly 33 percent stake to 13 financial and strategic investors in just 11 weeks. This has helped RIL erase its net debt much ahead of the March 2021 target.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.